Brower Piven Alerts Shareholders of Upcoming Deadline in Class Action Lawsuit & Encourages Those with Losses from Investment ...
September 06 2016 - 2:05PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Keryx
Pharmaceuticals, Inc. (NASDAQ: KERX) (“Keryx” or the
“Company”) securities during the period between February 25, 2016,
and August 1, 2016, inclusive (the “Class Period”). Investors who
wish to become proactively involved in the litigation have until
October 3, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Keryx securities during the Class Period. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. No class has yet been certified in
the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company was
experiencing production-related difficulties in converting active
pharmaceutical ingredient (“API”) to a finished drug product
(Auryxia tablets), that the issue was resulting in decreased
production yields of Auryxia tablets and that the Company would,
and did, exhaust its reserve of finished drug product.
According to the complaint, following an August 1, 2016
announcement that the Company had determined that a supply
interruption of Auryxia tablets was going to occur due to
production-related issues in converting API to a finished drug
product at its contract manufacturer, that the issue had resulted
in variable production yields of finished drug product, and the
Company had exhausted its reserve of finished drug product, the
value of Keryx shares declined significantly.
If you have suffered a loss in excess of $100,000 from
investment in Keryx securities purchased on or after February 25,
2016 and held through the revelation of negative information during
and/or at the end of the Class Period and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20160906006441/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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